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Real Estate

Builders Recruit in Response to Labor Shortage

NAR Daily News Magazine - October 31, 2017 - 11:00pm

Homebuilders are desperate for more workers to help meet the growing demand for new homes, and they’re willing to start free schools to get...

Categories: Real Estate

Seller Negotiation Tactics That Can Backfire

NAR Daily News Magazine - October 31, 2017 - 11:00pm

Don’t let your homeowners become overconfident in a seller’s market. 

Categories: Real Estate

Despite Odds, Ownership Rate Moves Higher

NAR Daily News Magazine - October 31, 2017 - 11:00pm

More households are finding ways to purchase a home even within an environment of tight housing inventories and rising home prices. 

Categories: Real Estate

Single Female Buyers Back at Record Levels

NAR Daily News Magazine - October 31, 2017 - 11:00pm

Solid job prospects, higher incomes, and improving credit conditions are translating to continued momentum for the growing share of single female...

Categories: Real Estate

Most Popular Place for Movers: The South

NAR Daily News Magazine - October 31, 2017 - 11:00pm

More Americans are flocking to southern states, according to LendingTree’s migration analysis. Take a look at this chart to see the most...

Categories: Real Estate

Borrowers More Cautious as Rates Rise

NAR Daily News Magazine - October 31, 2017 - 11:00pm

Mortgage rates inched higher last week, prompting more buyers and homeowners to retreat slightly from taking out loans.

Categories: Real Estate

5 Essential Home-Buying Considerations

RisMedia - October 31, 2017 - 2:24pm

(TNS)—Buying a house is a life-changing process that requires lots of upfront financial planning.

When looking for a home, keep certain factors in mind, including your financial situation, types of available loans, your credit score, the price of the house and your down payment so you can navigate the process smoothly.

Your Financial Situation
Before you buy a house, make sure that your monthly budget can handle such a large expense. Unless you’re one of the few people who can pay cash for a home, you’ll likely be paying it off for 15 or 30 years, depending on the length of your loan.

In addition to the mortgage payment, you’ll want to factor in expenses like property taxes, homeowners insurance and routine maintenance.

Types of Mortgages
When buying a home, you have a few options for the type of loan you want to use. Two of the most common mortgage types are fixed-rate and adjustable-rate mortgages.

The interest rate on a fixed-rate mortgage stays the same over the life of the loan, with payments divided up into equal amounts that you pay on a monthly basis. The longer the loan term, the less you have to pay each month; however, you’ll likely pay more in interest than you would with a shorter-term loan.

An adjustable-rate mortgage, or ARM, has a fixed interest rate for an initial period, followed by a period when the lender may periodically adjust the interest rate. For example, a 5/1 ARM has an introductory rate of five years. After that five-year period, the interest rate can change annually. With an ARM, you need to consider how much your monthly payment could increase and your ability to pay if it does go up.

Your Credit Score
You also need to review your credit score before buying a house. Your credit score helps creditors determine your creditworthiness. Borrowers with credit scores of 740 or higher generally qualify for the best mortgage deals.

It’s still possible to buy a house if you have bad credit. You likely will have to accept a higher interest rate on your mortgage, which could cost you hundreds of dollars extra per month.

If your credit score drops too low, though, you might not qualify for a mortgage at all. Consider improving your credit score first before trying to buy a house.

The Price of the Home
The higher the price of the house you want to buy, the more you can expect to pay on a monthly basis. When looking at houses, consider your budget and how much you can afford to spend.

Remember to consider your needs, too. Do you have a new addition to the family and need the room? Have your kids moved out and you want a smaller home?

Also, take a look at the price range of the houses available in the area where you want to buy. Compare the prices you find to your budget and determine what home you can afford.

The Down Payment
A large down payment represents one way to reduce the monthly cost of your mortgage. As a matter of fact, a down payment of 20 percent gives you access to better interest rates and prevents you from having to pay private mortgage insurance. So, in addition to lowering the amount you owe initially, a down payment also can get you a lower interest rate, making a house more affordable. There are also mortgages that require no down payment or a small one.

©2017 Bankrate.com

Distributed by Tribune Content Agency, LLC

For the latest real estate news and trends, bookmark RISMedia.com.

The post 5 Essential Home-Buying Considerations appeared first on RISMedia.

Categories: Real Estate

5 Horrors at Home Showings

NAR Daily News Magazine - October 30, 2017 - 11:00pm

Even though it’s Halloween, you don’t want these items in your listing to give buyers the creeps.

Categories: Real Estate

Report: Average Owner Stays Put for 10 Years

NAR Daily News Magazine - October 30, 2017 - 11:00pm

Though homeowners are delaying trading up for a larger house, there’s a silver lining to the dip in repeat-buyer transactions.

Categories: Real Estate

Supreme Court Declines Affordable Housing Case

NAR Daily News Magazine - October 30, 2017 - 11:00pm

Developers of an 11-unit condo building were disputing requirements by the City of Los Angeles that they pay a fee to support affordable housing...

Categories: Real Estate

Merger Forms Nation’s Largest Home Builder

NAR Daily News Magazine - October 30, 2017 - 11:00pm

Lennar Corp. and CalAtlantic Group announced that they will merge in a $9.3 billion deal. 

Categories: Real Estate

Top Places to Score Treats This Halloween

NAR Daily News Magazine - October 30, 2017 - 11:00pm

Find out where households spend the most on candy for Halloween.

Categories: Real Estate

3 Ways to Be a Better Leader

NAR Daily News Magazine - October 29, 2017 - 11:00pm

Building relationships is key to strong, effective brokerage management. Here are some tips for growing your skills as a leader.

Categories: Real Estate

When to Drop Your Listing Price

NAR Daily News Magazine - October 29, 2017 - 11:00pm

Though low inventory is prompting buyers to raise their offers in order to beat out competitors, you still want your sellers to know: an...

Categories: Real Estate

Why First-Timers Can’t Capitalize on Ripe Market

NAR Daily News Magazine - October 29, 2017 - 11:00pm

Though economic conditions are highly favorable for first-time home buyers, their share of overall purchase activity is approaching a 36-year low...

Categories: Real Estate

How Your Attractiveness Affects the Sale

NAR Daily News Magazine - October 29, 2017 - 11:00pm

Learn what researchers discovered about whether an agent’s looks could influence buyers’ overall impression of online property...

Categories: Real Estate

Rise in Vacancies a Sign of Inventory Relief?

NAR Daily News Magazine - October 29, 2017 - 11:00pm

More than half of U.S. housing markets saw an uptick in the annual rate of vacant properties in the third quarter of this year, according to the...

Categories: Real Estate

10 Cities That Can Survive an Apocalypse

NAR Daily News Magazine - October 29, 2017 - 11:00pm

Where you live may be the most important determining factor when it comes to whether you will make it through an extinction-level disaster.

Categories: Real Estate

The Housing Hot List for October

NAR Daily News Magazine - October 29, 2017 - 11:00pm

Find out the top-performing housing markets this month, based on the pace of sales and online clicks. 

Categories: Real Estate

Ask the Expert: How Should I Prepare a Home to Sell in the Fall?

RisMedia - October 29, 2017 - 11:07am

Today’s Ask the Expert column features Dan Steward, president of Pillar To Post Home Inspectors.

Q: What are your top tips for preparing to sell a home in the fall?

A: First and foremost, use the beauty of the season. If you’re lucky enough to live in a region that experiences changing seasons, take advantage of everything the season has to offer by incorporating autumnal flowers, plants and floral arrangements into the mix. Whether it’s colorful mums or adding intense color and drama to the home’s exterior with perennials, feature a variety of fall floral arrangements both inside and outside the home.

Next, be sure to check the roof and gutters. While a roof’s drainage system diverts thousands of gallons of water from a home’s exterior and foundation walls, it’s important to keep the process moving in order to avoid water damage. In addition to taking the time to unclog and clean the gutters, now is also a good time to inspect the roof from top to bottom. In addition to looking for damage to metal flashing in and around vents and chimneys, check ridge shingles for cracks and wind damage.

While outside, take the time to check driveways, walkways and steps for any noticeable damage. Fixing any problem areas during the fall is critical in order to prevent little problems from becoming expensive headaches down the line. Look for cracks that are more than 1/8-inch wide, uneven sections and loose railings on steps.

Before the bitter temperatures of the winter season move in, take the necessary steps to ensure that outside faucets and in-ground irrigation systems don’t freeze and burst. Close any shut-off valves serving outside faucets, then open the outside faucet to the drain line. If you don’t have shut-off valves, or freeze-proof faucets, you can buy faucet covers at your local home improvement store.

Moving inside, check the home for air leaks, as gaps in caulk and weather-stripping can account for 10 percent of a home’s heating bills, according to the U.S. Department of Energy. While weather-stripping is the most cost-effective way to control heating and cooling costs, it should be checked and replaced as needed every six months.

And last, but not least, bring in a professional to inspect the home’s heating system to ensure it’s working properly before the cold weather arrives.

For more information, please visit www.pillartopost.com.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Ask the Expert: How Should I Prepare a Home to Sell in the Fall? appeared first on RISMedia.

Categories: Real Estate